STAND. COM. REP. NO. 759

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1069

       S.D. 2

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1069, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO MORTGAGE LOAN ORIGINATION,"

 

begs leave to report as follows:

 

     The purpose of this measure is to enhance the regulation of licensees under the Secure and Fair Enforcement for Mortgage Licensing Act, chapter 454F, Hawaii Revised Statutes.

 

Specifically, the measure amends chapter 454F, Hawaii Revised Statutes, by:

 

     (1)  Clarifying the licensure requirements for mortgage loan originators, mortgage loan originator companies, mortgage servicer companies conducting mortgage loan origination activities, and other licensees;

 

     (2)  Adjusting fees for mortgage loan origination licensees; and

 

     (3)  Establishing fees for mortgage servicer companies that conduct mortgage loan origination activities.

 

     Your Committee received written comments in support of this measure from the Department of Commerce and Consumer Affairs.

 

     Your Committee finds that in addition to clarifying the law regulating mortgage loan origination activities, this measure provides an adjusted licensing fee schedule to help ensure that the Division of Financial Institutions can continue to provide oversight and services for consumers and the mortgage loan origination industry.

 

     Your Committee has amended this measure by:

 

     (1)  Changing the effective date to July 1, 2050, to encourage further discussion on this measure; and

 

     (2)  Making technical nonsubstantive amendments for clarity and consistency.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1069, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1069, S.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

 

 

____________________________

DAVID Y. IGE, Chair